Iran's oil sale via IRENEX needs hard and fast rules (Exclusive)
Tehran, Iran, July 21
By Kamyar Eghbalnejad, A. Shirazi- Trend
Plans to sell export-grade crude oil on the Iran Energy Exchange (IRENEX) need hard and fast rules, an official with Iranian Oil, Gas & Petrochemical Products Exporters' Association (OPEX) said.
"Hard and fast rules are required to properly offer the country’s export-grade crude oil on the Iran Energy Exchange (IRENEX)," Abbas-Ali Eslami told Trend.
The rules need to be comprehensive and coordinated enough so that the potential sale of the crude on the stocks will not face any major problems, he added.
"The regulations should be updated regularly (when the plan is implemented)".
Pointing to impending US sanctions against Iran, he said, "We still do not know about the type of the sanctions and if our oil exports would be affected or not".
We should wait and see, Eslami stressed.
US President Donald Trump withdrew from the Iran nuclear deal in May, and Washington now plans to reimpose sanctions on Tehran next month. The first round of US sanctions on Iran goes into effect in August, followed by ones targeting Iran's oil exports in November.